For LVMH and Kering, the world's n°1 and n°3 luxury retailers, Asia, which had long been a growth driver, has weighed down annual results in 2024. Meanwhile, the 25% tariffs announced on February 26 could also hamper demand in the U.S.
While the Chinese luxury market is expected to remain at half-mast this year according to Bain, Kering (Gucci, Saint Laurent, Bottega Veneta, etc.) published annual sales of €17.19 billion on February 11, down 12% at constant rates. This is its second year in a row in the red, following a 4% decline in 2023. For the world’s third-largest luxury goods retailer, operating profit fell by 50%. The operating margin ratio reached 13.5% (-10.2 points).
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Article authors
Morgane Monteiro
Journalist
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.
Sophie Baqué
Chief Editor of mind Retail